Due to the outbreak of Covid-19, the SBA has announced a special loan program to help with the economic slowdown. The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
If you need help applying for this program, contact us.
UPDATE: As part of the CARES legislation passed by Congress on March 27, 2020, applicants to this loan program may request a $10,000 advance on the loan prior to approval of the loan. The loan can be converted into a grant, so long as the applicant uses the proceeds on payroll. If the borrower is approved for both the advance AND the PPP, the amount forgiven on the PPP has to be reduced by the $10,000 received from the EIDL advance.
I'm busy working on my blog posts. Watch this space!